Investment KPIs & Capital Structure
Levered Returns, LCOE Benchmarking & Unit Economics
IRR, NPV, MOIC & ROE on equity cash flows — Debt-to-Equity is a global lever affecting all pages.
Capital Structure
40% (D/E)
Equity 71.4%Debt 28.6%
6.0%
Pre-tax interest on project debt
Cost of Equity (Re)10.0%
Tax Rate23%
WACC8.46%
Debt Funding₪76.7M
Equity Funding₪206.9M
Annual Interest₪4.6M
Annual Principal (10-yr amort.)₪7.7M
Levered IRR
27.2%Equity return over 10-yr horizon
NPV @ WACC
₪205.7MDiscounted at 8.46%
MOIC
3.07×Equity multiple on invested capital
ROE
25.0%vs 10% cost of equity
Levered vs Unlevered Cash Flow Comparison
| Period | Unlevered (₪) | Levered / FCFE (₪) | Delta |
|---|---|---|---|
| Yr 0 | ₪-270.7M | ₪-206.9M | +₪63.8M |
| Yr 1-9 | +₪71.7M | +₪60.5M | ₪-11.2M |
| Yr 10 | +₪85.3M | +₪74.1M | ₪-11.2M |
Levered FCFE = netBenefit − after-tax interest − amortizing principal. Leverage amplifies equity returns when IRR > cost of debt (6.0%).
After-Tax IRR
32.5%With MACRS depreciation
After-Tax NPV
₪225.5MDiscounted at 8.46%
Min DSCR
6.62×vs 1.4× refinance threshold
Carbon Credit Rev.
₪12.4M68,659 tCO2/yr offset
DSCR by Year (Debt Service Coverage Ratio)
| Year | DSCR | Status |
|---|---|---|
| Year 1 | 6.62× | Bankable |
| Year 2 | 7.12× | Bankable |
| Year 3 | 6.82× | Bankable |
| Year 4 | 6.67× | Bankable |
| Year 5 | 6.95× | Bankable |
| Year 6 | 6.90× | Bankable |
| Year 7 | 6.85× | Bankable |
| Year 8 | 7.19× | Bankable |
| Year 9 | 7.56× | Bankable |
| Year 10 | 7.98× | Bankable |
Bridge Loan & Refinance
Bridge Loan Amount₪15.2M
Bridge Interest (Annual)₪1.4M
Bridge Interest Rate9.0%
Refinance Trigger1.4× DSCR
Est. Refinance MonthMonth 11
Bridge covers IDC + working capital during ramp-up. Refinanced into long-term project finance once DSCR reaches the threshold.
Grants, Tax Credits & Capital Offsets
Grant Funding
₪26.8M10% of CAPEX
Investment Tax Credit
₪13.4M5% of CAPEX (Yr 1)
Effective CAPEX (after grants)
₪243.9MNet of grant recovery
Total Depreciation (MACRS)
₪268.4MOver 6 years
LCOE & LCOSE — Cost per MWh Benchmarked
Portfolio LCOE
1004 ₪/MWh98,084 MWh/yr delivered
Lazard LCOE+ (2024)
Utility Solar PVTrails benchmark by 784 ₪/MWh
IRENA Renewable Power Costs
Utility Solar PV (global)Trails benchmark by 828 ₪/MWh
Israeli Market Benchmarks
Solar PPA / EPC-derivedTrails benchmark by 784 ₪/MWh
Portfolio LCOSE
191 ₪/MWh28,799 MWh/yr discharged
Lazard LCOE+ (2024)
Battery Storage (LCOS)Beats benchmark by 219 ₪/MWh
IRENA Renewable Power Costs
Battery LCOS (global)Beats benchmark by 349 ₪/MWh
Israeli Market Benchmarks
BESS LCOS (local EPC)Beats benchmark by 329 ₪/MWh
Benchmark sources: ● Lazard LCOE+ (2024)● IRENA Renewable Power Costs● Israeli Market Benchmarks— all bands in ₪/MWh; USD figures converted at 3.6 ₪/USD.
